 Frequently Asked Questions
Q. How does owning a condotel (condo-motel residence) differ from owning a traditional vacation apartment or condo?
A. As a condotel unit owner, you are privy to the opportunity of using the motel amenities. At a normal condo project or vacation apartment site, you have to find things to do with your time and plan a vacation within your vacation. In addition, there is no worry or hassle involved in condotel ownership. Housekeeping, maintenance and inspections are handled by the management team at Tiffany's condotel.
Q. How do condotels differ from timeshares?
A. Condotels are not like buying a timeshare. You possess whole-ownership in a Tiffany's Condotel unit. At a timeshare vacation destination, you are a very small owner with only a right to a use. When you own a Tiffany's Motel unit you are the only owner and receive an actual deed to your property.
Q. Do I have to rent out my condo after I buy it?
A. As a condotel unit owner, you have the opportunity to rent your unit out through the onsite management company or through other means if you so desire. You may also choose not to rent out your unit, but due to town regulations you can't live at Tiffany's full time. You can; however, choose to leave the unit unrented while you aren't here and use it for your convenience.
Q. Who is buying condotels?
A. Individuals interested in worry-free beach ownership. People examining the condotel concept are also interested in an entity that could appreciate in value. It is a vacation destination and one of the best real estate locations.
Q. How will the management decide which condotel to rent and how often?
A. The computer system automatically balances the room inventory i.e. it will rent 101, 102, 103, etc. or 103, 102, 101 - based on the room with the least rentals being booked first.
Q. How do I reserve my unit or units??
A. To reserve your unit, contact us at
Q. What expenses can I expect to incur with ownership??
A. Aside from mortgage payment (if the unit has one), monthly assessments are issued to cover taxes, insurance, maintenance of the exterior of the buildings and common areas, utilities, and a reserve fund. These assessments range from $171 to $295 based on the size of the unit.
Q. Can a condotel be financed??
A. Yes it can, just like any other condominium.
Q. Can I make a 1031 exchange with a condotel??
A. Yes, actually the condotel has become a favored exchange property to effect tax free exchanges under Internal Revenue Section 1031 and to facilitate the enormously popular tenancy in common (or TIC) market.
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